Biora Therapeutics Announces Positive Nasdaq Listing Decision

Rhea-AI Summary

Biora Therapeutics (Nasdaq: BIOR) has been granted an extension by Nasdaq to regain compliance with listing requirements. The company now has until November 7, 2024 to meet the $50 million market value of listed securities rule and $1 bid price requirements for continued listing on The Nasdaq Global Market. CEO Adi Mohanty expressed optimism about upcoming company catalysts that could drive significant shareholder value. Biora is focused on developing innovative NaviCap™ and BioJet™ therapeutics platforms, which are part of their efforts to reimagine therapeutic delivery.

Positive

• Granted extension for Nasdaq listing compliance
• Additional time to meet $50 million market value and $1 bid price requirements
• Management confident in upcoming catalysts to drive shareholder value

Negative

• Risk of delisting if compliance not achieved by November 7, 2024
• Current market value below $50 million requirement
• Stock price currently below $1 bid price requirement

Company granted extension to regain compliance with Nasdaq listing requirements

SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Biora Therapeutics, Inc. (Nasdaq: BIOR), the biotech company reimagining therapeutic delivery, today announced that the company has been granted an extension to regain compliance with Nasdaq listing requirements.

“We shared with Nasdaq the upcoming company catalysts that we believe will drive significant value for shareholders, and we are pleased with their decision to grant us an extension to regain compliance,” said Adi Mohanty, Chief Executive Officer of Biora Therapeutics. “We look forward to continuing to achieve milestones in the development of our innovative NaviCap™ and BioJet™ therapeutics platforms.”

The Nasdaq Hearings Panel granted Biora’s request for continued listing on The Nasdaq Stock Market, subject to the company’s compliance with the $50 million market value of listed securities rule and $1 bid price requirements for continued listing on The Nasdaq Global Market by November 7, 2024.

About Biora Therapeutics
Biora Therapeutics is a clinical-stage biotech developing two smart pill-based therapeutics platforms: the NaviCap™ platform for colon-targeted treatment of IBD, designed to improve patient outcomes through treatment at the site of disease in the gastrointestinal tract, and the BioJet™ platform for oral delivery of large molecules, designed to replace injection with needle-free, oral delivery with minimal changes to standard liquid formulations.

For more information, visit bioratherapeutics.com or follow the company on LinkedIn or X.

Safe Harbor Statement or Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including statements concerning the progress, future expectations and goals of our research and development, preclinical and clinical trial activities, including those involving BT-600 and our NaviCap platform, and upcoming company catalysts, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “envision,” “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “anticipate,” “forward,” “believe,” “design,” “estimate,” “predict,” “projects,” “projecting,” “potential,” “plan,” “goal(s),” “target,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Such risks, uncertainties, and other factors include, among others, our ability to innovate in the field of therapeutics, our ability to make future FDA filings and initiate and execute clinical trials on expected timelines or at all, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our plans to research, develop, and commercialize new products, the unpredictable relationship between preclinical study results and clinical study results, our expectations regarding allowed patents or intended grants to result in issued or granted patents, our expectations regarding opportunities with current or future pharmaceutical collaborators or partners, our ability to raise sufficient capital to achieve our business objectives, our ability to maintain our listing on the Nasdaq Global Market, and those risks described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) and other subsequent documents, including Quarterly Reports on Form 10-Q, that we file with the SEC.

Biora Therapeutics expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact
Chuck Padala
Managing Director, LifeSci Advisors
IR@bioratherapeutics.com
(646) 627-8390

Media Contact
Liz Robinson
CG Life
lrobinson@cglife.com

FAQ

What is the deadline for Biora Therapeutics (BIOR) to regain Nasdaq compliance?

Biora Therapeutics (BIOR) has until November 7, 2024, to regain compliance with Nasdaq listing requirements, including meeting the $50 million market value of listed securities rule and $1 bid price requirement.

What are the Nasdaq listing requirements Biora Therapeutics (BIOR) needs to meet?

Biora Therapeutics (BIOR) needs to meet two main Nasdaq listing requirements: a market value of listed securities of at least $50 million and a minimum bid price of $1 per share.

What therapeutic platforms is Biora Therapeutics (BIOR) developing?

Biora Therapeutics (BIOR) is developing two innovative therapeutic platforms: NaviCap™ and BioJet™, which are part of the company's efforts to reimagine therapeutic delivery.

Who is the CEO of Biora Therapeutics (BIOR)?

The CEO of Biora Therapeutics (BIOR) is Adi Mohanty, as mentioned in the press release.